Thursday
December 22
2016

Demonetisation and digital transactions will never stop corruption in India. Here’s why.

If digital transactions could curb corruption and black money , Kenya would have be en the most transparent country in the world. About 75% of the adult population in Kenya uses mobile phones for payments and money transfer. The value of mobile money transactions and transfers per day is equal to 4.5% of annualised GDP of Kenya, as per a report published in an International Monetary Fund (IMF) journal.

The use of mobile money is so widespread that Kenyans can use mobile wallet to pay for goods at virtually any retail shop throughout the country .This is something that the Indian government aspires to achieve post-demonetisation.

However, Kenya was listed as one of the world’s most corrupt countries in Transparency International’s 2015 Corruption Perception Index, ranking 139 out of 168.

Corruption is so prevalent in Kenya that its team participated in the opening ceremony of the 2016 Rio Olympics in mismatched uniform.Reason? The officials had allegedly sold a part of the kit that Nike provided to the National Olympic Committee of Kenya to distribute to all the athletes.

Source: Economic Times (link opens in a new window)

Categories
Technology
Tags
digital currency, financial inclusion, mobile money, mobile phones